Sainsbury’s Chairman leaves to clean up RBS
Sainsbury’s is losing its Chairman, Sir Phillip Hampton, who is stepping down in order to devote more time to cleaning up beleaguered bank, RBS, the UK press reported. Hampton was appointed Chairman of RBS two months ago, on a salary of GBP750,000 (USD1.11 million) per annum. Sainsbury’s, which pays Hampton GBP396,000 (USD589,127) as Chairman, has yet to make a formal statement about Hampton’s decision to resign adding: “We do not comment on speculation.” Industry sources suggest Hampton has told boardroom colleagues of his decision to quit and that Senior Non-Executive at the group John McAdam, the boss of Rentokil, is already seeking a replacement. The move of Hampton, with his extensive experience, will be a blow for Sainsbury’s at a time when competition between the big four grocers is at an all time high. Hampton has been Sainsbury’s Chairman since 2004.
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